愛齊科技 (ALGN) 2025 Q1 法說會逐字稿

Good day. Thank you for standing by. Welcome to the Align Technology first-quarter 2025 earnings call.

再會。感謝您的支持。歡迎參加 Align Technology 2025 年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, today, Shirley Stacy, Vice President of Corporate Communications and Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人，企業傳播和投資者關係副總裁 Shirley Stacy。請繼續。

Good afternoon. Thank you for joining us. Joining me on today's call is Joe Hogan, President and CEO; and John Morici, CFO.

午安.感謝您加入我們。參加今天電話會議的還有總裁兼執行長喬·霍根 (Joe Hogan)；以及財務長 John Morici。

We issued first-quarter 2025 financial results, today, via Business Wire, which is available on our website at investor.aligntech.com. Today's conference call is being audio webcast and will be archived on our website for approximately one month.

我們今天透過 Business Wire 發布了 2025 年第一季財務業績，可在我們的網站 investor.aligntech.com 上查閱。今天的電話會議將透過音訊網路直播，並將在我們的網站上存檔約一個月。

As a reminder, the information provided and discussed today will include forward-looking statements, including statements about Align's future events and product outlook. These forward-looking statements are only predictions and involve risks and uncertainties that are described, in more detail, in our most recent periodic reports, filed with the Securities and Exchange Commission, available on our website and at sec.gov.

提醒一下，今天提供和討論的資訊將包括前瞻性陳述，包括有關 Align 未來事件和產品展望的陳述。這些前瞻性陳述僅是預測，涉及風險和不確定性，這些風險和不確定性在我們向美國證券交易委員會提交的最新定期報告中有更詳細的描述，可在我們的網站和 sec.gov 上查閱。

Actual results may vary, significantly. And Align expressly assumes no obligation to update any forward-looking statement.

實際結果可能會大不相同。並且 Align 明確承擔更新任何前瞻性聲明的義務。

We provided historical financial statements with corresponding reconciliations, including our GAAP to non-GAAP reconciliation, if applicable; and our first-quarter 2025 conference call slides on our website, under Quarterly Results.

我們提供了歷史財務報表及其相應的對帳表，包括我們的 GAAP 與非 GAAP 對帳表（如適用）；以及我們網站上「季度業績」下的 2025 年第一季電話會議幻燈片。

Please refer to these files for more detailed information.

請參閱這些文件以獲取更多詳細資訊。

With that, I'd like to turn the call over to Align Technology's President and CEO, Joe Hogan. Joe?

接下來，我想將電話轉給 Align Technology 總裁兼執行長 Joe Hogan。喬？

Thanks, Shirley. Good afternoon. Thanks for joining us today.

謝謝，雪莉。午安.感謝您今天加入我們。

On our call, I'll provide an overview of our first-quarter results and discuss a few highlights from our two operating segments: Systems and Services and Clear Aligners. John will provide more detail on our financial performance and comment on our views for Q2 and full-year 2025. Following that, I'll come back and summarize a few key points and open the call to questions.

在電話會議上，我將概述我們的第一季業績，並討論我們兩個營運部門的一些亮點：系統和服務以及透明矯正器。約翰將提供有關我們財務業績的更多細節，並對我們對 2025 年第二季和全年的看法發表評論。接下來，我將回來總結幾個要點並開始提問。

I'm pleased to report first-quarter revenues, operating margin, and earnings in line with our outlook. Fiscal 2025 is off to a good start, with Q1 Clear Aligner volumes, up both sequentially and year over year, reflecting strength in both the teens and adult patient segments across all regions, driven by year over year strength across the Asia Pacific and EMEA regions and growth in North America.

我很高興地報告第一季的收入、營業利潤率和收益符合我們的預期。2025 財年開局良好，第一季透明矯正器銷量環比和同比增長，反映出所有地區青少年和成年患者群體的強勁表現，這得益於亞太地區和歐洲、中東和非洲地區同比強勁增長以及北美的增長。

It's also worth noting that Q1 was the highest year-over-year growth rate for both adult and teen patients since 2021.

另外值得注意的是，第一季是自 2021 年以來成人和青少年患者年增率最高的季度。

From a channel perspective, Q1 Clear Aligner volumes in the orthodontic and GP dentist channels increased year over year, with a record number of total submitters and utilization for GP dentists for the first quarter.

從通路角度來看，第一季矯正和全科醫生通路的透明矯正器銷售量較去年同期成長，第一季全科醫生的總提交人數和使用量均創歷史新高。

For our Systems and Services business. Q1 revenues were down sequentially, reflecting Q1 seasonality, as well as unfavorable foreign exchange. On a year over year basis, Q1 Systems and Services revenues were up slightly, reflecting continued adoption of iTero Lumina scanner platform, as well as the launch of iTero Lumina with restorative software, at the end of month.

對於我們的系統和服務業務。第一季營收季減，反映了第一季的季節性以及不利的外匯因素。與去年同期相比，第一季系統和服務收入略有增長，這反映了 iTero Lumina 掃描器平台的持續採用，以及月底推出帶有修復軟體的 iTero Lumina。

On a year-over-year basis, Q1 Clear Aligner volumes grew 6.2%, driven, primarily, by continued strength across EMEA and APAC regions, as well as growth in North America, offset by lower volumes in Latin America region.

與去年同期相比，第一季透明矯正器銷量增長了 6.2%，這主要得益於歐洲、中東和非洲地區和亞太地區的持續強勁增長以及北美地區的增長，但拉丁美洲地區的銷量下降抵消了這一增長。

For North America, Q1 year-over-year increase in Clear Aligner volumes reflects continued adoption of Invisalign First for teens and kids, Invisalign DSP touch-up cases, and Invisalign Comprehensive Three and Three. On a sequential basis, Q1 North America Clear Aligner volumes primarily reflect growth from Invisalign DSP touch-up cases, Invisalign Palate Expander system, as well as Invisalign Comprehensive Three and Three.

對於北美而言，第一季透明矯正器銷售同比增長反映了青少年和兒童繼續採用 Invisalign First、Invisalign DSP 補妝案例以及 Invisalign Comprehensive Three 和 Three。以環比計算，第一季北美透明矯正器銷售主要反映了 Invisalign DSP 補妝案例、Invisalign 腭擴張器系統以及 Invisalign Comprehensive Three 和 Three 的增長。

For the EMEA region, Q1 year-over-year Clear Aligner volume growth primarily reflects strength across the region, in both the ortho and GP channels across teens, kids, and adult patients.

對於 EMEA 地區，第一季透明矯正器銷售年增率主要反映了該地區的實力，包括青少年、兒童和成年患者的矯正和全科醫生通路。

On a year-over-year basis, Q1 EMEA volumes reflect continued adoption of Invisalign non-comprehensive cases, primarily driven by Invisalign Moderate, Invisalign DSP touch-up cases, as well as the initial launch of the Invisalign Palate Expander across EMEA region in Q1. On a sequential basis, Q1 EMEA growth was driven primarily by Invisalign DSP touch-up cases.

與去年同期相比，第一季 EMEA 地區的銷售量反映了 Invisalign 非綜合性病例的持續採用，主要由 Invisalign Moderate、Invisalign DSP 補正病例以及第一季度在 EMEA 地區首次推出的 Invisalign 腭擴張器推動。以環比計算，第一季 EMEA 地區的成長主要受到 Invisalign DSP 補妝案例的推動。

For the APAC region, Q1 year-over-year Clear Aligner volume growth reflects increased utilization and submitters in both ortho and GP channels across teen, kid, and adult patients in nearly all country markets. On a sequential basis, Q1 growth reflects strength from China and many of our emerging markets, led by India and Korea.

對於亞太地區，第一季透明矯正器銷售較去年同期成長反映了幾乎所有國家市場的青少年、兒童和成人患者在矯正和全科醫生管道中的使用率和提交者的增加。與上一季相比，第一季的成長反映了中國以及以印度和韓國為首的許多新興市場的強勁表現。

From a product perspective in Invisalign First, Invisalign Standard and Adult products drove Q1 growth in APAC, both on a year-over-year and sequential basis.

從 Invisalign First 的產品角度來看，Invisalign Standard 和 Adult 產品推動了亞太地區第一季的成長，無論是年比還是季比。

For Q1, we had over 85,000 doctor submitters, worldwide, for a record total for first quarter, primarily reflecting a sequential increase in Clear Aligner volume for teens, kids, and adults in both non-comprehensive and comprehensive cases.

第一季度，我們在全球範圍內有超過 85,000 名醫生提交了數據，創下了第一季度的總數，這主要反映了青少年、兒童和成人非綜合和綜合情況下的透明矯正器數量的連續增長。

In the Teen and Growing Kids segment, approximately 226,000 teens and kids started treatment with Invisalign Clear Aligners during the first quarter, an increase of 4.5% sequentially and an increase of 13.3% year over year, reflecting growth across regions, especially from Invisalign First in the APAC and EMEA regions, in North America; as well as growth from the Invisalign Palate Expander system in North America.

在青少年和成長兒童領域，第一季約有 226,000 名青少年和兒童開始使用 Invisalign 透明牙套進行治療，環比增長 4.5%，同比增長 13.3%，反映了各地區的增長，尤其是北美 APAC 和 EMEA 地區的 Invisalign First；以及北美擴展 Invisalign 腭器系統的增長。

For Q1, the number of doctors submitting case starts for teens and kids was up 2.1% year over year, led by continued strength from doctors treating young kids and growing patients.

第一季度，提交青少年和兒童病例的醫生數量年增 2.1%，這主要得益於治療幼兒和成長型患者的醫生的持續強勁增長。

During the quarter, we continued to commercialize the Invisalign Palate Expander system, with continued momentum for doctor submitters and shipments.

在本季度，我們繼續將 Invisalign 腭擴張器系統商業化，醫生提交量和出貨量持續成長。

In Q1, we announced that Align's Invisalign Palate Expander system was commercially available in Turkey. And, today, we received confirmation of regulatory clearance in China. Along with Turkey and China, the Invisalign Palate Expander is available in the US, Canada, Brazil, Australia, New Zealand, Hong Kong, Japan, Singapore, Thailand, EU, UK, UAE, and Switzerland; and is expected to be available in additional markets, following regulatory clearances.

在第一季度，我們宣布 Align 的 Invisalign 腭擴張器系統已在土耳其上市。今天，我們收到了中國監管部門批准的確認。除土耳其和中國外，Invisalign 腭擴張器還在美國、加拿大、巴西、澳洲、紐西蘭、香港、日本、新加坡、泰國、歐盟、英國、阿聯酋和瑞士有售；並預計在獲得監管部門批准後在更多市場上市。

This month, we announced the commercial availability of the Invisalign system with Mandibular Advancement featuring Occlusal Blocks, designed specifically to address Class II skeletal and dental correction by simultaneously advancing the mandible, while aligning the teeth.

本月，我們宣布推出具有咬合塊功能的下顎前移 Invisalign 系統，該系統專門設計用於透過同時前移下顎骨並對齊牙齒來解決 II 類骨骼和牙齒矯正問題。

Class II malocclusion is one of the most common orthodontic issues, characterized by a discrepancy and jaw alignment, where the lower jaw is positioned too far back, relative to the upper jaw. It represents approximately 30% to 45% of malocclusions, globally. Left untreated, this condition can lead to functional, aesthetic, and other challenges for patients.

II 類錯顎畸形是最常見的牙齒矯正問題之一，其特徵是顎骨排列不一致，下顎相對於上顎位置太靠後。它佔全球錯頜畸形的約 30% 至 45%。如果不及時治療，這種情況會為患者帶來功能、美觀和其他方面的挑戰。

The Invisalign system with Mandibular Advancement featuring Occlusal Blocks is a direct response to the needs of orthodontic practices and underscores Align's ongoing commitment to innovation in orthodontics that enhances clinical outcomes and the patient experience.

具有咬合塊功能的下顎前移 Invisalign 系統直接響應了正畸實踐的需求，並強調了 Align 對正畸創新的持續承諾，旨在提高臨床效果和患者體驗。

By integrating occlusal blocks into the Mandibular Advancement feature, we are providing doctors with a powerful new tool that they have asked for to effectively treat growing patients with Class II malocclusions, while maintaining the aesthetic and comfort benefits of Clear Aligner therapy.

透過將咬合塊整合到下顎推進功能中，我們為醫生提供了一種強大的新工具，可以有效地治療患有 II 類錯顎畸形的成長型患者，同時保持透明矯正器治療的美觀和舒適性。

The Invisalign system with Mandibular Advancement featuring Occlusal Blocks is available to Invisalign-trained doctors in the United States, Canada, Australia, and New Zealand. It was just launched in most EMEA countries this week. And we expect it to be introduced in additional markets through 2025, pending regulatory clearance.

具有咬合塊功能的下顎前移 Invisalign 系統可供美國、加拿大、澳洲和紐西蘭接受過 Invisalign 訓練的醫生使用。它本週剛在大多數 EMEA 國家推出。我們預計，到 2025 年，在獲得監管部門批准後，它將被引入更多市場。

Along with the Invisalign Palate Expander system and Invisalign First, the latest innovation supports the commitment to establishing a unique and differentiated portfolio that supports growing patients throughout their continuum of care.

與 Invisalign 腭擴張器系統和 Invisalign First 一起，最新創新支持建立獨特且差異化的產品組合的承諾，為不斷成長的患者提供整個護理過程的支持。

Dental service organizations, or DSOs, continue to present one of the fastest-growing channels in digital dentistry, as they recognize the practice and patient experience benefits of digital workflows, enabled by our portfolio of products and services that make up the Align digital platform.

牙科服務組織（DSO）繼續成為數位牙科領域成長最快的管道之一，因為他們認識到數位化工作流程的實踐和病患體驗優勢，而這得益於我們構成 Align 數位平台的產品和服務組合。

This includes increased practice efficiency and profitability, as well as delivering a shorter treatment appointment cycle times for their patients.

這包括提高實踐效率和盈利能力，以及為患者提供更短的治療預約週期。

In short, DSOs are a force multiplier for practice growth in Invisalign adoption.

簡而言之，DSO 是 Invisalign 應用實踐成長的力量倍增器。

For Q1, Clear Aligner volume from DSO customers, worldwide, increased sequentially and year over year, reflecting growth across all regions. Q1 iTero scanner sales growth was also strong with DSOs, as they continue to invest in their member practices and end-to-end digital workflows.

第一季度，來自全球 DSO 客戶的透明矯正器銷售環比和同比增長，反映了所有地區的成長。由於 DSO 繼續投資於其會員實踐和端到端數位工作流程，Q1 iTero 掃描儀的銷售成長也十分強勁。

The DSO business growth continues to outpace that of our retail doctors, driven primarily by some of the largest DSOs in each region.

DSO 業務成長持續超過我們的零售醫生，主要受到各地區一些最大的 DSO 的推動。

Turning to Systems and Services. For Q1, year-over-year revenue growth primarily reflects scanner and wand revenue driven by iTero Lumina, wand upgrades, partially offset by lower scanner revenues and the impact of unfavorable foreign exchange.

轉向系統和服務。第一季度，年收入成長主要反映了由 iTero Lumina 和掃描棒升級推動的掃描器和掃描棒收入，但被掃描器收入下降和不利外匯的影響部分抵消。

For Q1, we delivered more scanner systems and wands in a quarter than ever before. On a sequential basis, Q1 Systems and Services revenues were down, reflecting capital equipment seasonality, partially offset by higher iTero Lumina scanner wand upgrades.

對於第一季度，我們交付的掃描系統和掃描棒比以往任何時候都多。與上一季相比，第一季系統和服務收入有所下降，反映了資本設備的季節性，但被 iTero Lumina 掃描棒升級的增加部分抵消。

In Q1, we launched new restorative capabilities and our next-generation iTero Lumina intraoral scanner and a new iTero Lumina Pro dental imaging system, with iTero NIRI technology, to enable efficient restorative and multidisciplinary workflows and support the diagnosis of interproximal carries above the gingiva.

在第一季度，我們推出了新的修復功能和下一代 iTero Lumina 口內掃描儀以及採用 iTero NIRI 技術的新型 iTero Lumina Pro 牙科成像系統，以實現高效的修復和多學科工作流程，並支持對牙齦上方鄰面齲齒的診斷。

The new storage capabilities of iTero Lumina improves GP dentists' ability to diagnose and develop treatment plans that deliver exceptional clinical outcomes, while concurrently helping GPs collaborate more effectively with their restorative lab, deliver incredible precise, custom-fitting restorations, and reach new levels of practice efficiency and growth.

iTero Lumina 的新儲存功能提高了全科醫生診斷和製定治療計劃的能力，從而提供了卓越的臨床結果，同時幫助全科醫生與其修復實驗室更有效地合作，提供令人難以置信的精確、定制的修復，並達到新的實踐效率和增長水平。

The iTero Lumina intraoral scanner, with iTero Multi-Direct Capture or MDC, technology sets a new standard, with effortless scanning and superior visualizations. And feedback from doctors, labs, and other stakeholders, regarding our Lumina portfolio, has been positive.

iTero Lumina 口內掃描器採用 iTero Multi-Direct Capture 或 MDC 技術，具有輕鬆掃描和卓越視覺化功能，樹立了新標準。醫生、實驗室和其他利害關係人對我們的 Lumina 產品組合的回饋都是正面的。

It's intuitive design and ease of scanning is appealing; is making every day scanning more viable, especially when compared to other scanners.

其直覺的設計和易​​於掃描的特點很吸引人；使得日常掃描更加可行，尤其是與其他掃描器相比。

Like any breakthrough technology, it's important to ensure that doctors and their staffs are properly trained on scanning. Even the most experienced iTero users may need to unlearn previous scanning techniques. We are working, closely, with our teams to offer follow-up training for our customers and their staff.

與任何突破性技術一樣，確保醫生及其工作人員接受適當的掃描培訓非常重要。即使是最有經驗的 iTero 用戶也可能需要忘記先前的掃描技術。我們正在與我們的團隊密切合作，為我們的客戶及其員工提供後續培訓。

The iTero Lumina intraoral scanner delivers faster scanning speed, higher accuracy, superior visualization, and a more comfortable scanning experience. The iTero Lumina solutions include superior 3D and 2D visualizations that augment and amplify oral health assessment and patient communication, using the Align Oral Health suite, designed to increase patient engagement, with greater visual understanding of their oral health conditions.

iTero Lumina 口內掃描器提供更快的掃描速度、更高的精確度、卓越的視覺化和更舒適的掃描體驗。iTero Lumina 解決方案包括卓越的 3D 和 2D 視覺化功能，可使用 Align Oral Health 套件增強和擴大口腔健康評估和患者溝通，旨在提高患者參與度，更好地直觀地了解他們的口腔健康狀況。

Following regulatory clearances in applicable countries starting earlier this month, existing iTero Lumina scanner owners began upgrading to the new software, which includes restorative and diagnostic capabilities. We're excited about the continued technology evolution we deliver with iTero Lumina system and the depth of tools and features that it offers for imaging, diagnostics, treatment planning, visualization restorations, and so much more.

從本月初開始，隨著適用國家監管部門的批准，現有的 iTero Lumina 掃描器用戶開始升級到新軟體，其中包括修復和診斷功能。我們對 iTero Lumina 系統持續的技術進步以及它為成像、診斷、治療計劃、可視化恢復等提供的豐富工具和功能感到非常興奮。

iTero has always been much more than a PBS replacement. And iTero Lumina has truly become the gateway to digital treatment for orthodontics and any type of GP practice, from family dentistry to high-end aesthetic practices.

iTero 一直以來都不僅僅是 PBS 的替代品。iTero Lumina 真正成為了矯正和任何類型的全科醫生診所（從家庭牙科到高端美容診所）數位化治療的門戶。

With that, I'll now turn the call over to John.

說完這些，我現在將電話轉給約翰。

Thanks, Joe.

謝謝，喬。

Now, for our Q1 financial results.

現在，讓我們來看看第一季的財務表現。

Total revenues for the first quarter were $979.3 million, down 1.6% from the prior quarter and down 1.8% from the corresponding quarter a year ago. On a constant currency basis, Q1 revenues were unfavorably impacted by approximately $21.4 million or approximately 2.1% sequentially and were unfavorably impacted by approximately $31.1 million year over year or approximately 3.1%.

第一季總營收為 9.793 億美元，較上一季下降 1.6%，較去年同期下降 1.8%。以固定匯率計算，第一季營收受到不利影響，季減約 2,140 萬美元，降幅約 2.1%，年減約 3,110 萬美元，降幅約 3.1%。

For Clear Aligners, Q1 revenues of $796.8 million were up 0.3% sequentially, primarily from higher volumes, partially offset by the impact of unfavorable foreign exchange. Unfavorable foreign exchange impacted Q1 Clear Aligner revenues by approximately $17.9 million or approximately 2.2% sequentially.

對於透明牙套而言，第一季的收入為 7.968 億美元，環比增長 0.3%，主要由於銷量增加，但部分抵消了不利外匯的影響。不利的外匯影響了第一季透明矯正器的收入，季減約 1,790 萬美元，約 2.2%。

Q1 Clear Aligner average per case shipment price of $1,240 decreased by $25 on a sequential basis, primarily due to the impact of unfavorable foreign exchange.

第一季透明矯正器每箱平均出貨價格為 1,240 美元，季減 25 美元，主要原因是外匯不利的影響。

On a year-over-year basis, Q1 Clear Aligner revenues were down 2.5%, primarily due to unfavorable foreign exchange of $25.8 million or approximately 3.1% and lower ASPs due to product mix shift to lower-priced products and discounts, partially offset by higher volumes.

與去年同期相比，第一季透明矯正器收入下降 2.5%，主要原因是外匯不利，下降了 2,580 萬美元，約 3.1%，以及由於產品結構轉向低價產品和折扣導致平均售價下降，但銷量增加部分抵消了這一影響。

Q1 Clear Aligner average per case shipment price of $1,240 was down $110 on a year-over-year basis, primarily due to higher discounts, product mix shift to lower-priced products, and the impact from unfavorable foreign exchange, partially offset by price increases.

第一季透明矯正器平均每箱出貨價格為 1,240 美元，年減 110 美元，主要原因是折扣增加、產品組合轉向低價產品以及不利的外匯影響，但價格上漲部分抵消了這一影響。

Clear Aligner deferred revenues on the balance sheet ,as of March 31, 2025, decreased $9.3 million or 0.8% sequentially and decreased $74.7 million or 5.8% year over year; and will be recognized as additional aligners are shipped under each sales contract.

截至 2025 年 3 月 31 日，資產負債表上的 Clear Aligner 遞延收入環比減少 930 萬美元或 0.8%，年比減少 7,470 萬美元或 5.8%；並將在每份銷售合約下運送額外的矯正器時確認。

Q1 Systems and Services revenue of $182.4 million were down 9.2% sequentially, primarily due to lower scanner systems revenues and unfavorable foreign exchange. This was partially offset by increased scanner wand revenues, mostly due to iTero Lumina wand upgrades.

第一季系統和服務收入為 1.824 億美元，季減 9.2%，主要原因是掃描器系統收入下降和外匯不利。這部分被掃描器棒收入的增加所抵消，主要是由於 iTero Lumina 棒的升級。

Q1 Systems and Services revenue were up 1.2% year over year, primarily due to higher iTero Lumina scanner wand revenues, partially offset by lower scanner systems revenues and unfavorable foreign exchange.

Q1 系統和服務收入年增 1.2%，主要原因是 iTero Lumina 掃描棒收入增加，但掃描系統收入下降和外匯不利等因素部分抵消了這一增長。

Foreign exchange negatively impacted Q1 Systems and Services revenues by approximately $3.5 million or approximately 1.9% sequentially. On a year-over-year basis, System and Services revenues were unfavorably impacted by foreign exchange of approximately $5.3 million or approximately 2.8%.

外匯對第一季系統和服務收入產生了負面影響，環比下降約 350 萬美元，約 1.9%。與去年同期相比，系統和服務收入受到外匯約 530 萬美元或約 2.8% 的不利影響。

Systems and Services deferred revenues decreased $11.3 million or 5.1% sequentially and decreased $37.2 million or 15.2% year over year, primarily due to decline in deferred revenues due, in part, to shorter duration of service contracts applicable to initial scanner system purchases.

系統和服務遞延收入比上一季減少 1,130 萬美元（5.1%），比去年同期減少 3,720 萬美元（15.2%），這主要是由於遞延收入下降，部分原因是適用於初始掃描器系統購買的服務合約期限較短。

Moving on to gross margin. First-quarter overall gross margin was 69.5%, down 0.6 points sequentially and down 0.5 points year over year. Foreign exchange negatively impacted the overall gross margin by 0.7 points sequentially and 0.9 points year over year.

繼續討論毛利率。第一季整體毛利率為69.5%，季減0.6個百分點，較去年同期下降0.5個百分點。外匯對整體毛利率產生了負面影響，環比下降 0.7 個百分點，比去年同期下降 0.9 個百分點。

Clear Aligner gross margin for the first quarter was 70.5%, up 0.4 points sequentially, due primarily to lower manufacturing costs and lower restructuring expenses, partially offset by unfavorable foreign exchange of 0.6 points.

第一季 Clear Aligner 毛利率為 70.5%，比上一季增加 0.4 個百分點，主要由於製造成本和重組費用降低，但 0.6 個百分點的不利外匯影響部分抵消了這一影響。

Clear Aligner gross margin for the first quarter was down 0.3 points year over year, primarily due to unfavorable foreign exchange, partially offset by lower manufacturing spend. Foreign exchange negatively impacted Clear Aligner gross margin by 0.9 points year over year.

第一季 Clear Aligner 毛利率年減 0.3 個百分點，主要原因是外匯不利，但製造支出下降部分抵銷了這一影響。外匯對 Clear Aligner 毛利率產生了負面影響，年減 0.9 個百分點。

Systems and Services gross margin for the first quarter was 64.7%, down 4.7 points sequentially, primarily due to lower wand ASPs and unfavorable foreign exchange, partially offset by manufacturing efficiencies. Foreign exchange negatively impacted the Systems and Services gross margin by 0.7 points sequentially.

第一季系統與服務毛利率為 64.7%，比上一季下降 4.7 個百分點，主要原因是平均售價較低和外匯不利，但製造效率的提高部分抵消了這一影響。外匯對系統和服務毛利率產生了負面影響，環比下降 0.7 個百分點。

Systems and Services gross margin for the first quarter was down 1.2 points year over year, primarily due to lower scanner and wand ASPs and unfavorable foreign exchange, partially offset by manufacturing and services efficiencies. Foreign exchange negatively impacted the Systems and Services gross margin by 1.0 points year over year.

第一季系統和服務毛利率年減 1.2 個百分點，主要原因是掃描器和掃描棒平均售價較低以及外匯不利，但製造和服務效率提高部分抵銷了這一影響。外匯對系統和服務毛利率產生了負面影響，較去年同期下降 1.0 個百分點。

Q1 operating expenses were $549 million, down 0.7% sequentially and up 1% year over year.

第一季營運費用為 5.49 億美元，季減 0.7%，年增 1%。

On a sequential basis, we saw a $3.8 million decrease in operating expenses, primarily due to lower restructuring and other non-recurring charges in Q1, which were partially offset by consumer marketing spend. Year over year, operating expenses increased by $5.3 million, primarily due to our continued investments in R&D activities.

與上一季相比，我們的營運費用減少了 380 萬美元，這主要是由於第一季重組和其他非經常性費用減少，但被消費者行銷支出部分抵消。與去年同期相比，營運費用增加了 530 萬美元，這主要歸功於我們持續對研發活動進行投資。

On a non-GAAP basis, excluding stock-based compensation, restructuring and other charges, and amortization of acquired intangibles related to certain acquisitions and legal settlement loss, operating expenses were $500.7 million, up 5.5% sequentially and down 1.1% year-over-year.

以非公認會計準則計算，不包括股票薪酬、重組和其他費用以及與某些收購和法律和解損失相關的已收購無形資產的攤銷，營運費用為 5.007 億美元，比上一季增長 5.5%，比去年同期下降 1.1%。

Our first -quarter operating income of $131.1 million resulted in an operating margin of 13.4%, down 1.1 points sequentially and down 2.1 points year over year. Foreign exchange negatively impacted operating margin by approximately 1.1 points sequentially and 1.4 points year over year.

我們第一季的營業收入為 1.311 億美元，營業利潤率為 13.4%，比上一季下降 1.1 個百分點，比去年同期下降 2.1 個百分點。外匯對營業利潤率產生了負面影響，季減約 1.1 個百分點，年減約 1.4 個百分點。

On a non-GAAP basis, which excludes stock-based compensation, restructuring and other charges, amortization of intangibles related to certain acquisitions and legal settlement loss, operating margin for the first quarter was 19.1%, down 4.1 points sequentially and down 0.7 points year-over-year.

以非美國通用會計準則計算，不包括股票薪酬、重組和其他費用、與某些收購相關的無形資產攤銷以及法律和解損失，第一季營業利潤率為 19.1%，比上一季下降 4.1 個百分點，比去年同期下降 0.7 個百分點。

Interest and other income expense, net for the first quarter, was an income of $9.3 million, compared to an expense of $3.4 million in Q4 '24, driven by favorable foreign exchange movements, partially offset by lower interest income and gain on investments from last quarter.

第一季淨利息和其他收入支出為 930 萬美元，而 24 年第四季的支出為 340 萬美元，這主要受有利的外匯走勢推動，但上一季利息收入和投資收益的下降部分抵消了這一影響。

On a year-over-year basis, Q1 interest and other income and expense were favorable, compared to income of $4.3 million in Q1 '24, primarily driven by favorable foreign exchange movements, partially offset by gain on investments in the first quarter of the prior year.

與去年同期相比，第一季的利息和其他收入和支出表現良好，而 24 年第一季的收入為 430 萬美元，這主要得益於有利的外匯走勢，但部分被去年第一季的投資收益所抵消。

The GAAP effective tax rate in the first quarter was 33.6%, compared to 26.3% in the fourth quarter of last year and 33.7% in the first quarter of the prior year.

第一季 GAAP 有效稅率為 33.6%，去年第四季為 26.3%，去年第一季為 33.7%。

The first-quarter GAAP effective tax rate was higher than the fourth-quarter effective tax rate, primarily due to the tax expense recognized related to stock-based compensation and the release of uncertain tax provision reserves in Q4 of '24, partially offset by a one-time tax deferred tax adjustment in foreign jurisdictions in Q4 of '24.

第一季 GAAP 有效稅率高於第四季度有效稅率，主要由於 2024 年第四季度確認的與股票薪酬相關的稅費以及釋放的不確定稅收準備金，部分被 2024 年第四季度外國司法管轄區的一次性稅收遞延稅調整所抵消。

The first-quarter GAAP effective tax rate was roughly in line with the first-quarter effective tax rate of the prior year.

第一季 GAAP 有效稅率與去年同期第一季有效稅率大致持平。

Our non-GAAP effective tax rate in the first quarter was 20%, which reflects our long-term projected tax rate.

我們第一季的非公認會計準則有效稅率為 20%，這反映了我們的長期預期稅率。

First-quarter net income per diluted share was $1.27, down $0.13 sequentially and down $0.13 compared to the prior year. Foreign exchange negatively impacted our EPS by $0.08 on a sequential basis and $0.12 on a year-over-year basis, due to foreign exchange.

第一季每股淨收益為 1.27 美元，比上一季下降 0.13 美元，比去年同期下降 0.13 美元。由於外匯影響，外匯對我們的每股盈餘產生了負面影響，環比下降 0.08 美元，年減 0.12 美元。

On a non-GAAP basis, net income per diluted share was $2.13 for the first quarter, down $0.31 sequentially and down $0.01 year over year.

以非美國通用會計準則計算，第一季每股攤薄淨利潤為 2.13 美元，比上一季下降 0.31 美元，比去年同期下降 0.01 美元。

Moving on to the balance sheet. As of March 31, 2025, cash and cash equivalents were $873 million, down sequentially $170.9 million and up $7.2 million year over year. Of our $873 million balance, $133.1 million was held in the US and $739.9 million was held by our international entities.

繼續討論資產負債表。截至 2025 年 3 月 31 日，現金及現金等價物為 8.73 億美元，季減 1.709 億美元，年增 720 萬美元。在我們的 8.73 億美元餘額中，1.331 億美元由美國持有，7.399 億美元由我們的國際實體持有。

During Q1, we repurchased the remaining $72.1 million of the $275 million open-market repurchase initiated in Q4 of '24.

在第一季度，我們回購了 2024 年第四季啟動的 2.75 億美元公開市場回購中的剩餘 7,210 萬美元。

In Q1, we initiated a new plan to repurchase the remaining $225 million of our common stock under our January 2023 approved stock repurchase program of $1 billion through open market repurchases.

在第一季度，我們啟動了一項新計劃，透過公開市場回購，回購 2023 年 1 月批准的 10 億美元股票回購計劃下剩餘的 2.25 億美元普通股。

As of March 31, 2025, we had repurchased $129 million. Once completed, this open-market repurchase will complete our $1 billion stock repurchase program, approved in January of 2023.

截至 2025 年 3 月 31 日，我們已回購 1.29 億美元。一旦完成，此次公開市場回購將完成我們於 2023 年 1 月批准的 10 億美元股票回購計畫。

Q1 accounts receivable balance was $1.062 billion, up sequentially. Our overall days sales outstanding was 97 days, up approximately 7 days sequentially and up approximately 11 days as compared to Q1 last year; and primarily reflects flexible payment terms we have extended, as part of our ongoing efforts to support Invisalign practices.

第一季應收帳款餘額為10.62億美元，季增。我們的整體應收帳款週轉天數為 97 天，比上一季度增加約 7 天，比去年第一季度增加約 11 天；主要反映了我們延長的靈活付款條件，這是我們持續支持 Invisalign 實踐的努力的一部分。

Cash flow from operations for the first quarter was $52.7 million. Capital expenditures for the first quarter were $25.3 million, primarily related to investments in our manufacturing capacity and facilities. Free cash flow, defined as cash flow from operations minus capital expenditures, amounted to $27.4 million.

第一季經營活動現金流為 5,270 萬美元。第一季的資本支出為 2,530 萬美元，主要用於對製造能力和設施的投資。自由現金流（定義為經營活動產生的現金流量減去資本支出）為 2,740 萬美元。

Before I turn to our Q2 and fiscal 2025 outlook, I'd like to provide the following remarks regarding the UK VAT and US tariffs, as of April 30.

在談到我們第二季和 2025 財年的展望之前，我想就截至 4 月 30 日的英國增值稅和美國關稅發表以下評論。

As previously disclosed in our Q4 '24 earnings release and conference call, we anticipated receiving a ruling regarding the applicability of VAT to our Clear Aligner sales in the UK. On April 24, 2025, we received a favorable ruling in which the tribunal determined that our Clear Aligners are dental prosthesis for the purposes of VAT in the UK, which is key condition to be considered exempt from VAT.

正如我們先前在 2024 年第四季財報和電話會議中所揭露的那樣，我們預計將收到關於增值稅對我們在英國的透明矯正器銷售的適用性的裁決。2025 年 4 月 24 日，我們收到了一項有利的裁決，法庭裁定我們的透明矯正器在英國屬於增值稅範疇內的假牙，這是被視為免徵增值稅的關鍵條件。

This outcome reaffirms our commitment to enhancing patient access to oral health, leveraging digital technology. HMRC has until June 19 to appeal the tribunal's ruling. HMRC may also attempt to challenge the applicability of VAT on a different basis.

這項結果再次證明了我們致力於利用數位技術來提高患者獲得口腔保健服務的機會。英國稅務海關總署必須在 6 月 19 日之前對仲裁庭的裁決提出上訴。HMRC 也可能嘗試以不同的理由質疑增值稅的適用性。

Moving on to tariffs. Align Technology has Clear Aligner manufacturing operations in Mexico, Poland, and China. For the U.S. domestic market, we currently manufacture clear aligners in Mexico, prior to shipment to the U.S.

繼續討論關稅。Align Technology 在墨西哥、波蘭和中國擁有 Clear Aligner 製造業務。對於美國國內市場，我們目前在墨西哥生產透明矯正器，然後運往美國。

Align does not currently ship Clear Aligners from Poland or China to the US. We currently manufacture Clear Aligners for the Chinese market in China.

Align 目前並未從波蘭或中國運送透明矯正器到美國。我們目前在中國為中國市場生產透明矯正器。

Our Clear Aligners and Intraoral Scanners made in Mexico that are imported into the US are compliant with the United States-Mexico-Canada agreement, USMCA.

我們在墨西哥製造並進口到美國的透明矯正器和口內掃描器符合美國-墨西哥-加拿大協議 (USMCA)。

As noted in President Trump's Executive Order, dated April 2, 2025, USMCA-compliant goods are exempt from tariffs under the Executive Order. However, the U.S.-Mexico tariff situation remains fluid. And we are unable to predict whether USMCA-compliant products will remain exempt, whether there will be other changes to the announced Executive Order, or if other tariffs will be imposed in the future.

正如川普總統在 2025 年 4 月 2 日發布的行政命令中所述，符合 USMCA 的商品根據該行政命令可免徵關稅。然而，美墨關稅情勢依然不明朗。我們無法預測符合 USMCA 的產品是否仍將獲得豁免，已宣布的行政命令是否會有其他變化，或者未來是否會徵收其他關稅。

We expect an incremental tariff, if implemented, to be applied to the transfer price on goods shipped for Mexico.

我們預計，如果實施增量關稅，將適用於運往墨西哥的貨物的轉讓價格。

With respect to our Clear Aligners made in China, all manufacturing-for-China takes place in China. We have assessed the potential impact of China's retaliatory tariffs and believe that we are able to mitigate most of the tariff exposure through adjustments in our supply chain. Based on the current situation, we do not expect a significant impact to our costs, from these retaliatory tariffs.

對於我們在中國生產的透明矯正器，所有生產均在中國進行。我們評估了中國報復性關稅的潛在影響，並相信我們能夠透過調整供應鏈來減輕大部分關稅風險。根據目前的情況，我們預期這些報復性關稅不會對我們的成本產生重大影響。

We have also assessed the potential direct impact of additional US tariffs on China on our business and, currently, do not expect to realize a significant impact from these retaliatory tariffs.

我們也評估了美國對中國徵收額外關稅對我們業務的潛在直接影響，目前預計這些報復性關稅不會產生重大影響。

Our Intraoral Scanner manufacturing primarily occurs in Israel, with scanners shipped from there to worldwide locations. We produce a small number of scanners in China, primarily for the market.

我們的口內掃描器製造主要在以色列進行，然後從那裡運往世界各地。我們在中國生產少量掃描儀，主要供應國內市場。

Regarding tariffs on Israel goods imported into the US, at the current 10% baseline tariff, we estimate the average monthly potential impact to be approximately $1 million, which we have considered in our guidance for Q2 and fiscal 2025.

關於對進口到美國的以色列商品徵收關稅，按照目前 10% 的基準關稅，我們估計平均每月潛在影響約為 100 萬美元，我們已在第二季度和 2025 財年的指引中考慮到了這一點。

Moving on to 2025 business outlook. Assuming no circumstances occur beyond our control, such as foreign exchange, macroeconomic conditions, and changes to our currently known tariffs that could impact our business, we expect Q2 2025 worldwide revenues to be in the range of $1.05 billion to $1.07 billion, up sequentially from Q1 2025.

展望 2025 年業務前景。假設沒有發生任何我們無法控制的情況，例如外匯、宏觀經濟條件以及可能影響我們業務的當前已知關稅的變化，我們預計 2025 年第二季度全球收入將在 10.5 億美元至 10.7 億美元之間，環比 2025 年第一季有所增長。

We expect Q2 '25 Clear Aligner volume to be up sequentially and Q2 '25 Clear Aligner ASPs to, also, be up sequentially, due to favorable foreign exchange at current spot rates, partially offset by the continued product mix shift to non-comprehensive Clear Aligner products, with lower list prices.

我們預計 2025 年第二季透明矯正器銷量將環比上升，2025 年第二季度透明矯正器平均售價也將環比上升，原因是當前現貨匯率有利，但產品組合持續向非綜合透明矯正器產品轉變，標價較低，部分抵消了這一影響。

We expect Q2 '25 Systems and Services revenue to be up sequentially, as we continue to ramp up the iTero Lumina scanner with restorative software.

隨著我們繼續使用修復軟體增強 iTero Lumina 掃描器的功能，我們預計 2025 年第二季系統和服務收入將環比增長。

We expect Q2 '25 worldwide gross margin to be up sequentially, primarily from higher ASPs and Clear Aligner volume. We expect our Q2 '25 GAAP operating margin and Q2 '25 non-GAAP operating margin to be up sequentially by approximately 3 points for each GAAP and non-GAAP operating margins.

我們預計 2025 年第二季全球毛利率將較上季上升，主要得益於平均售價和透明矯正器銷售量的提高。我們預計 2025 年第二季 GAAP 營業利潤率和 2025 年第二季非 GAAP 營業利潤率將季增約 3 個百分點。

For fiscal 2025, we expect -- 2025 Clear Aligner volume growth to be up approximately mid-single digits year over year. We expect 2025 Clear Aligner ASPs to be down year over year, due to continued product mix shift to non-comprehensive Clear Aligner products with lower list prices and continued growth in our emerging markets, where those products may carry lower list prices.

對於 2025 財年，我們預計 2025 年透明矯正器銷售成長率將達到約中個位數。我們預計 2025 年透明矯正器的平均售價將年減，這是由於產品組合持續轉向定價較低的非綜合透明矯正器產品，以及新興市場的持續成長（這些產品的定價可能較低）。

We expect 2025 Systems and Services year-over-year revenues to grow faster than Clear Aligner revenues. We expect 2025 year-over-year revenue growth to be in the range of 3.5% to 5.5%, at current spot rates.

我們預計 2025 年系統和服務的年收入成長速度將快於 Clear Aligner 的收入。以當前現貨價格計算，我們預計 2025 年年收入成長率將在 3.5% 至 5.5% 之間。

We expect fiscal 2025 GAAP operating margin to be approximately 2 points above the 2024 GAAP operating margin. And we expect 2025 non-GAAP operating margin to be approximately 22.5%.

我們預計 2025 財年的 GAAP 營業利潤率將比 2024 年 GAAP 營業利潤率高出約 2 個百分點。我們預計 2025 年非 GAAP 營業利潤率約為 22.5%。

We expect our investments in capital expenditures for fiscal 2025 to be between $100 million and $150 million.

我們預計 2025 財年的資本支出將在 1 億至 1.5 億美元之間。

Capital expenditures primarily relate to technology upgrades, as well as manufacturing capacity in support of our ongoing business.

資本支出主要與技術升級以及支持我們正在進行的業務的製造能力有關。

With that, I'll turn it back over to Joe for final comments. Joe?

說完這些，我會把話題交還給喬，請他發表最後的評論。喬？

Thanks, John.

謝謝，約翰。

I'm pleased with the results of our first quarter: the strength of our Clear Aligner business, including the return to stability in the United States; and the response to our recent innovations, such as Invisalign Palate Expander system at iTero Lumina.

我對我們第一季的業績感到滿意：我們的透明矯正器業務表現強勁，包括在美國恢復穩定；以及對我們最近的創新的回應，例如 iTero Lumina 的 Invisalign 腭擴張器系統。

All of us are aware of the global economic uncertainty and the headwinds that tariffs or changes in the consumer sentiment might bring. Align is focused on what we can control.

我們所有人都意識到全球經濟的不確定性以及關稅或消費者情緒變化可能帶來的阻力。Align 專注於我們能夠控制的事情。

As I mentioned last quarter, that means building on the innovations introduced in 2024 that drive efficiency and growth for our customers' practices, while delivering the best customer and patient experiences in the industry.

正如我上個季度提到的，這意味著在 2024 年推出的創新基礎上，推動客戶實踐的效率和成長，同時提供業界最佳的客戶和病患體驗。

First, through our digital scanning technology. While iTero has long been valued in the orthodontic and GP practices as much more than a replacement for PBS impressions, our next-generation iTero Lumina solution with comprehensive dentistry capabilities provides transformative solutions for GP dental practices to enable diagnostics, restorative, and multidisciplinary ortho restorative workflows, including NIRI technology and the iTero Lumina Pro dental imaging system. With iTero Lumina, we truly have a gateway to any type of digital orthodontic and dental treatment.

首先，透過我們的數位掃描技術。雖然 iTero 長期以來在正畸和全科醫生診所中受到的重視遠不止是 PBS 印模的替代品，但我們具有全面牙科功能的下一代 iTero Lumina 解決方案為全科醫生診所提供了變革性解決方案，以實現診斷、修復和多學科正畸修復工作流程，包括 NIRI 技術和 iTero Lumina Pro 牙科成像系統。有了 iTero Lumina，我們真正擁有了通往任何類型的數位矯正和牙科治療的大門。

Second, driving practice transformation to fully-digital practices must address two key variables: doctor and patient efficiency. Less patient chair time and fewer patient visits increases practice profitability.

其次，推動實踐向全數位化實踐轉型必須解決兩個關鍵變數：醫生和病人的效率。減少患者坐診時間和減少患者就診次數可提高診所的獲利能力。

We're helping customers drive efficiency and create more time and capacity in their practices with our digital treatment planning software, delivering ClinCheck in minutes for most treatment plans.

我們正在利用我們的數位治療計劃軟體幫助客戶提高效率並在實踐中創造更多的時間和能力，在幾分鐘內為大多數治療計劃提供 ClinCheck。

The latest innovations in the ClinCheck Signature experience combines automation of each doctor's clinical preferences with AI-powered tools that deliver customized treatment plans in near real-time.

ClinCheck Signature 體驗中的最新創新將每位醫生的臨床偏好自動化與人工智慧工具相結合，可近乎即時地提供客製化的治療計劃。

Based on doctors' building personalized treatment preferences or prepopulated templates, a doctor chooses our almost touchless digital workflows, ClinCheck in minutes technology, which is revolutionizing treatment planning for doctors and enabling chairside treatment planning, improving patient conversion and getting patients started in treatments within days.

根據醫生建立的個人化治療偏好或預填充模板，醫生可以選擇我們幾乎無接觸的數位工作流程，即幾分鐘內的 ClinCheck 技術，該技術徹底改變了醫生的治療計劃，並實現了椅旁治療計劃，提高了患者轉化率並讓患者在幾天內開始治療。

Next, we're building on the world's most advanced Clear Aligner system to make it even more effective and efficient for all patients, with innovations such as the Invisalign system with Mandibular Advancement featuring Occlusal Blocks, that expands Align's Class II treatment portfolio for growing patients with a comprehensive solution for treating growing patients in Class II malocclusions caused by mandibular retrusion.

接下來，我們將以世界上最先進的透明矯正器系統為基礎，透過創新技術，例如具有咬合塊的下顎前移 Invisalign 系統，使其對所有患者都更加有效和高效，從而擴展了 Align 針對成長型患者的 II 類治療組合，為因下顎後縮而導致的 II 類錯而導致的 II 類錯畸形的成長型患者提供全面的解決方案。

Finally, we're delivering on the promise of 3D technology that is part of Align's DNA, with direct 3D-printed orthodontic devices, demonstrating our commitment to pushing the boundaries of digital orthodontics.

最後，我們透過直接 3D 列印的矯正設備兌現了 Align DNA 中 3D 技術的承諾，展示了我們致力於突破數位正畸界限的承諾。

The first example is the Invisalign Palate Expander system, a series of removable devices that expand a patient's palate without traditional metal expanders and screws in a way that is both effective clinically and comfortable and easy to use for kids and parents.

第一個例子是 Invisalign 腭擴張器系統，這是一系列可拆卸的裝置，無需傳統的金屬擴張器和螺絲即可擴張患者的腭部，這種方式不僅臨床有效，而且對於孩子和父母來說也舒適且易於使用。

This is the first direct 3D-printed appliance Align has commercialized. With others in development, we believe direct 3D printing will give doctors new levels of precision and appliance fit and shape and deliver the best possible outcome for patients.

這是 Align 商業化的首款直接 3D 列印設備。隨著其他技術的不斷發展，我們相信直接 3D 列印將為醫生提供更高水準的精度和器械貼合度及形狀，並為患者帶來最佳治療效果。

As we celebrate 28 years of digital innovation this year, we're also proud to be grateful and highlight that we've met a significant milestone with over 20 million Invisalign patients treated globally, representing 20 million smiles, 20 million stories, and 20 million lives transformed, a testament to the passion and purpose of our employees, our doctor customers and their patients.

今年是我們慶祝數位創新 28 週年，我們也非常自豪地表示感謝並強調我們已經達到了一個重要的里程碑，全球有超過 2000 萬名 Invisalign 患者接受治療，這代表著 2000 萬個微笑、2000 萬個故事和 2000 萬人的生活發生了改變，這證明了我們的員工、我們的醫生和客戶及其目標的熱情。

With that, I thank you for your time today. I look forward to speaking with you at our Investor Day meeting next week.

最後，感謝您今天抽出時間。我期待在下週的投資者日會議上與您交談。

Now, I'll turn the call over to the operator for questions. Operator?

現在，我將把電話轉給接線員來回答問題。操作員？

(Operator Instructions)

（操作員指示）

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

Congrats on nice start of the year, here.

在此祝賀您新年的良好開端。

I thought, maybe, just to start: I was pleasantly surprised at the strength in the quarter and the strength of the guide, given, historically, we've relied a lot on -- and we've talked a lot about the ties of consumer sentiment and to the dental space. Again, a nice surprise in this quarter.

我想，也許只是開始：我對本季度的強勁表現和指南的強勁表現感到驚喜，因為從歷史上看，我們非常依賴——並且我們已經討論了很多關於消費者情緒與牙科領域的聯繫。本季再次出現了一個驚喜。

I was hoping you, guys, can just spend a little time talking -- we saw consumer sentiment come down. But it seems like the business is doing well. So talk a little bit about, maybe, why that's decoupling and what confidence that gives you in the guidance, on a go-forward basis; even though in April, we were seeing sentiment go down?

我希望你們能花一點時間聊聊——我們看到消費者信心下降了。但看起來生意還不錯。那麼，請您稍微談談為什麼會出現脫鉤，以及這在未來的指導中給您帶來了什麼信心？即使在四月份，我們看到情緒下降？

Brandon, it's Joe. Thanks for the question.

布蘭登，我是喬。謝謝你的提問。

We saw good volume. It's great to see North America grow, again. It's been a while, as I mentioned.

我們看到了良好的交易量。很高興看到北美再次發展。正如我所提到的，已經有一段時間了。

We have good strength in APAC, overall; including China. And Europe, really, across the board in Europe; we saw good demand, also.

整體而言，我們在亞太地區擁有良好的實力；包括中國。而歐洲，其實是整個歐洲；我們也看到了良好的需求。

Obviously, the Lumina scanner coming out now with restorative capability gives us a tailwind in that sense, too. And what I would love, also, was the teen -- you saw teens grow but you also saw adults grow also.

顯然，現在推出的具有修復功能的 Lumina 掃描器也為我們帶來了這種便利。我也喜歡青少年──你看到青少年成長，也看到成年人成長。

Well, I'll just end that comment by saying we saw breadth, in the sense of the growth, whether it was product line or whether it's by country or region; and, also, by our different segments, including iTero.

好吧，我最後想說的是，我們看到了成長的廣度，無論是產品線還是國家或地區；以及我們的不同部門，包括 iTero。

Vik Chopra, Wells Fargo.

喬普拉（Vik Chopra），富國銀行。

Thanks for taking the question. Congrats on a nice quarter. Maybe just two for me.

感謝您回答這個問題。恭喜本季取得良好業績。對我來說可能只有兩個。

I appreciate all the color you provided on the tariff front. But can you just talk about plans to potentially mitigate this by moving production to different locations or putting in some price increases?

我很感謝您在關稅方面提供的所有詳細資訊。但是，您能否談談透過將生產轉移到不同地點或提高價格來緩解這一問題的潛在計劃？

And then, I had a quick follow-up.

然後，我進行了快速的跟進。

Vik, it's Joe.

維克，我是喬。

Look, obviously, we're, I think, pretty well situated, right now, when you look at how the tariffs would affect us. We're in China for China.

顯然，當你考慮關稅對我們的影響時，我認為我們現在的處境相當有利。我們來到中國是為了中國。

And as John said, there's some material movements in all; that we'll take care of it. We don't see much of an impact there, if anything.

正如約翰所說，一切都存在著一些物質運動；我們會處理好這件事。如果有的話，我們並沒有看到太大的影響。

We're good with Mexico, right now. We feel pretty solid on that.

目前我們與墨西哥的關係很好。我們對此感到十分堅定。

And our Poland plant is fully operational and working well in Europe.

我們的波蘭工廠在歐洲已全面運作並運作良好。

I guess the only issue we really have is iTero, a lot of the shipments are coming out of Israel. But we have some plans. We'll be able to address that.

我想我們真正遇到的唯一問題是 iTero，很多貨物都來自以色列。但我們有一些計劃。我們將能夠解決這個問題。

But as you can see in our forecast, we're planning on holding our margin that we've committed to. And so, we think we'll be able to mitigate that.

但正如您在我們的預測中所看到的，我們計劃保持我們承諾的利潤率。因此，我們認為我們能夠緩解這種情況。

So overall, I feel fortunate. I think we positioned ourselves as a truly global business; meaning, we have global supply lines in each one of those specific regions that we can maximize and work through.

所以總的來說，我覺得很幸運。我認為我們將自己定位為真正的全球性企業；這意味著，我們在每個特定地區都有全球供應線，我們可以最大限度地利用這些供應線。

And so, we feel good about the situation, right now. But as I mentioned in my comments, too, is there's a lot of volatility, out there. But we feel we're well positioned in the sense of what we've seen, so far.

因此，我們對目前的情況感到滿意。但正如我在評論中提到的那樣，那裡存在著很大的波動性。但就目前所見而言，我們感覺自己處於有利地位。

Got it. That's super helpful.

知道了。這非常有幫助。

And you're hosting a much anticipated Investor Day next week. I'm just wondering if you can just provide some insight as to what we can expect next week?

下週您將舉辦備受期待的投資者日活動。我只是想知道您是否可以提供一些關於我們下週可以期待什麼的見解？

I think what you can expect is we'll give you a good portfolio look at the company; a good demand; what we think the next few years look like, in a sense of how we're positioned overall, from a technology standpoint and, also, a commercial standpoint.

我想您可以期待的是，我們將為您提供有關該公司的良好投資組合；良好的需求；我們認為未來幾年的情況會如何？從技術角度和商業角度來看，我們的整體定位如何。

It's been a while since we've been with our investors. So we're really excited to share with you.

我們已經有一段時間沒有和我們的投資者在一起了。因此，我們非常高興與您分享。

We've developed a lot since the last meeting. And we look forward to the time in New York.

自上次會議以來，我們已經取得了巨大進展。我們期待在紐約的時光。

(Operator Instructions)

（操作員指示）

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

The first one, John, will have some detailed questions on the 2025 revenue guidance. So I think I got it right. You raised it from low single digits to 4.5% at the midpoint.

第一個，約翰，想問一些關於 2025 年收入指導的詳細問題。所以我認為我做對了。你把它從較低的個位數提高到了中間點的 4.5%。

The language around ASPs didn't change. I still expect it to be down low single digits year over year.

圍繞 ASP 的語言沒有改變。我仍然預計其同比增速將保持在個位數左右。

The Clear Aligner language didn't change. The [ball] is still expected to be up mid-single digits year over year. So maybe it's a pretty straightforward question.

Clear Aligner 語言沒有改變。預計該球的銷量仍將比去年同期增長中等個位數。所以這也許是一個非常簡單的問題。

But, like, any more color on the ASPs? Are the ASP thoughts basically, call it, unchanged from three months ago; but, now, we should be thinking, like, down one -- and the prior was down three -- that both fits the LSD narrative, with that 200 basis points-delta, specific to just updating for the spot rate?

但是，ASP 還有其他顏色嗎？ASP 的想法與三個月前相比是否基本沒有改變？但是，現在，我們應該思考，例如，下降一個——之前是下降三個——兩者都符合 LSD 敘述，其中 200 個基點的 delta 只是為了更新即期匯率？

And let me know if that came across well.

如果效果好的話請告訴我。

Yes. That is accurate, the way you phrased that, Jon.

是的。喬恩，你這樣表達很準確。

Okay. That was an easy one, concise.

好的。這很簡單，簡潔。

So I'll get another one. Joe, I'd love to spend time on teen. This was always like the holy grail; and it went to the moon during COVID; and then, you had some tough comps; and, here, you are with new products. And the double-digit growth of 13%, it was a pretty good beat on teen versus where we were.

所以我要再買一個。喬，我很樂意花時間在青少年身上。這一直就像是聖杯；並且在新冠疫情期間登上了月球；然後，你遇到了一些艱難的比賽；現在，您就可以看到新產品了。13% 的兩位數成長率，與青少年群體相比，這是一個相當不錯的成績。

The two-year stack is mid-20s. It wasn't up against an easy comp. So the 13 off the 12. Maybe just elaborate on that? Like, what are you seeing with IPE? Clearly, that's helping the [balls] but are you seeing the IPE to alignment pull-through, which I think we would still be in the early stages of that?

兩年的堆疊是20多歲。這並不是一場輕鬆的比賽。所以 12 減 13。也許只是詳細說明一下？例如，您對 IPE 有何看法？顯然，這對 [球] 有幫助，但您是否看到了 IPE 到對齊的拉動，我認為我們仍處於早期階段？

And, maybe, I'm getting a little bit aggressive here, but can we think about teen as this low double-digit-plus grower, going forward, as long as the innovation continues to step up and you got MA with occlusal blocks first hitting the market?

也許，我在這裡有點激進，但是，只要創新不斷加強，並且咬合塊首次進入市場，我們是否可以將青少年視為低兩位數以上的增長者？

Yes. Jon, first of all, I like the breadth of what you saw in teen. We saw it across each geography, too.

是的。喬恩，首先，我喜歡你在青少年時期所看到的廣度。我們在各個地區也看到了這種情況。

Obviously, IPE is a big part of that. But it combines well with Invisalign First. We see that.

顯然，IPE 是其中的重要組成部分。但它與 Invisalign First 結合得很好。我們看到了。

Some doctors specified immediately, some in sequence. But, overall, that's just a great -- we call it kids' product. We have it in the teen segment. But those two products function very well together.

有些醫生會立即指定，有些醫生則會依序指定。但總的來說，這是一款很棒的產品——我們稱之為兒童產品。我們在青少年部分有它。但這兩種產品配合使用效果很好。

You're right about Mandibular Advancement with the occlusal blocks. It addresses -- the twin block system that's been out there for years is an invasive system. And we've done that before, Mandibular Advancement, but not to the extent that these strong occlusal blocks will be able to address the Class II, like I mentioned before.

您關於利用咬合塊進行下顎前移的說法是正確的。它解決了這個問題——已經存在多年的雙區塊系統是一種侵入性系統。我們之前也做過這樣的事情，即下顎前移，但還沒有達到這些強大的咬合塊能夠解決 II 類錯位問題的程度，就像我之前提到的那樣。

So I feel good about our distribution capability, in each geography, to take that technology forward. There's a lot of specificity in stuff like IPE.

因此，我對我們在每個地區的分銷能力感到滿意，相信我們能夠推動這項技術的發展。IPE 之類的東西有很多特殊性。

And, obviously, occlusal blocks, you need a great distribution team to be able to explain and help to integrate in doctors' offices.

顯然，對於咬合阻滯，您需要一個優秀的經銷團隊來解釋並幫助整合到醫生辦公室。

So I hope I have answered your question, Jon. But, overall, it's not just, like, one region or one product. It's really good synergy in our portfolio, across the different regions.

所以我希望我已經回答了你的問題，喬恩。但總體而言，它不僅僅是一個地區或一種產品。這確實為我們在不同地區的投資組合帶來了良好的綜效。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Let me ask Jon's ASP question. But let me dig down a little bit more.

讓我問一下 Jon 的 ASP 問題。但讓我進一步深入探討。

If I can ask one question about ASPs this quarter and then one question about ASPs, going forward. Hopefully, that's all blended; it counts as one question.

如果我可以問一個關於本季 ASP 的問題，然後再問一個關於未來 ASP 的問題。希望這一切都是融合的；它算是一個問題。

But John, I think ASPs were down 8.2% year over year, not sequentially; 8.2% year-over-year this quarter. Can you just remind us how much the VAT, the price discount you had to give to normalize that VAT impact the UK got, how much that contributed out of that 8.2% and how much FX contributed as a negative headwind?

但約翰，我認為平均售價年減了 8.2%，而不是環比下降；本季年增8.2%。您能否提醒我們，增值稅是多少，為了使英國受到的增值稅影響正常化，您必須提供的價格折扣是多少，這在 8.2% 中貢獻了多少，以及外匯作為負面阻力貢獻了多少？

I think that was 200 basis points, by my math. But just trying to confirm that?

根據我的計算，我認為那是 200 個基點。但只是想確認一下嗎？

Yeah. The FX is that impact that we have on a year-over-year basis. So we have unfavorable FX.

是的。FX 是我們逐年產生的影響。因此，我們的外匯表現不利。

On a year-over-year basis, the FX on the overall company is 3.1 points.

與去年同期相比，整個公司的外匯匯率為 3.1 點。

And then, remember, we started the VAT -- withholding the VAT a year ago in Q1. So on a year-over-year basis, it's already in the baseline numbers from last year.

然後，請記住，我們一年前的第一季就開始徵收增值稅了。因此，與去年同期相比，它已經達到了去年的基準數字。

Okay. And then, on -- going forward, currency should switch to a positive contributor to ASPs. You mentioned the 310, I thought that was the top-line impact. But just, is, that the flow-through impact ASPs, as well, the 310 headwind in the first quarter?

好的。然後，展望未來，貨幣應該成為 ASP 的積極貢獻者。您提到了 310，我認為這是最重要的影響。但是，這是否也會對 ASP 產生影響，以及第一季的 310 逆風？

But, going forward, FX switches to a positive tailwind. Any -- at spot rates, can you just put us in the ballpark there? I can do my math later tonight. But I would love to hear your opinion there.

但展望未來，外匯將轉為積極的順風。任何－以現貨價格，您能給我們一個大概的報價嗎？我今晚晚些時候可以做數學題。但我很想聽聽您的意見。

And then, if the HMRC doesn't appeal, can you reraise those UK prices? Would that actually be a contributor? Or do you stick at these prices? You just don't have to pay that VAT -- the providers don't have to pay that VAT tax. Does that -- could that potentially switch to an ASP tailwind?

那麼，如果英國稅務海關總署不提出上訴，您可以重新提高英國的價格嗎？這實際上會是貢獻者嗎？還是你堅持這些價格？您不必支付增值稅—供應商也不必支付增值稅。這是否有可能轉變為 ASP 順風？

And then, lastly, just MAOB, the Mandibular Advancement blocks. I think I was hearing that that's going to be $100 add-on charge. If we start mixing more and more MA cases, does that theoretically then, drive a little bit of ASP tailwind the way IPE and DSP is creating a little bit of ASP headwind, right now?

最後，就是 MAOB，即下顎前移阻滯。我想我聽說那將是 100 美元的附加費。如果我們開始混合越來越多的 MA 案例，那麼從理論上講，這是否會推動 ASP 出現一點順風，就像 IPE 和 DSP 現在正在創造一點 ASP 逆風一樣？

Okay. Let me try to take these three ASP questions, Jeff, on this.

好的。傑夫，讓我試著回答這三個 ASP 問題。

MAOB. Yes, slightly higher price, that would help our overall ASP, as we sell more of that premium product on our comprehensive cases; and we'd add to that, for the MAOB pricing on that.

MAOB。是的，價格略高一些，這將有助於我們的整體平均售價，因為我們在綜合案例中銷售更多的優質產品；並且我們還要補充 MAOB 定價。

Regarding the UK, we have to hear back on whether HMRC will appeal and what they do. We have a lot of flexibility to that if we win. Either they don't appeal or win an appeal, we can always make changes to our discount and not discount as much. And if we do that, then that gives us a benefit in ASP, going forward.

關於英國，我們必須聽取英國稅務海關總署是否會提出上訴以及他們會採取什麼措施。如果我們獲勝，我們將擁有很大的靈活性。無論他們不上訴或上訴成功，我們都可以更改折扣，並且不會打太多折扣。如果我們這樣做，那麼這將使我們在未來的 ASP 方面受益。

That has not been contemplated in our forward-looking ASP. I'm just kind of taking the UK VAT impact completely out from a forecast. But it does give us flexibility, depending on what HMRC decides to do or if it gets -- works its way through.

我們的前瞻性 ASP 中並未考慮到這一點。我只是將英國增值稅的影響完全從預測中剔除。但它確實給了我們靈活性，這取決於 HMRC 決定做什麼或它是否能夠成功。

And then, regarding overall FX. Yes. It turns into, now, at current spot rates, a slight benefit on a year-over-year basis. And then, you still have what we've talked about before -- just that list price, lower list price products, which would be comprehensive; as well as some of the other growth in certain countries, just at a lower list price.

然後，關於整體效果。是的。現在，以目前的現貨價格計算，與去年同期相比，價格略有上漲。然後，你仍然可以享受我們之前談到的——只是標價，較低標價的產品，這將是全面的；以及某些國家的其他一些增長，只是標價較低。

But gross margin, as you know, is in many cases, favorable, as a result of those lower-stage products because the cost to serve for us is less. But that's how the dynamics shape up for ASPs.

但如您所知，在許多情況下，毛利率都是不錯的，這是因為這些低階段產品為我們服務的成本較低。但這就是 ASP 的動態形成方式。

(Operator Instructions)

（操作員指示）

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Congrats on a really nice quarter in the guidance. I just want to make sure we have all the pieces right. I'm not going to do as much mental math as Jeff, maybe just a little slower there.

恭喜本季業績表現非常出色。我只是想確保所有部分都正確。我不會像傑夫那樣進行那麼多心算，也許只是稍微慢一點。

But in terms of the margin uptick that you now expect, nice margin expansion of the year, how much of it do you -- would you accrue to better revenue expectations on an organic basis for operational changes?

但是，就您現在預期的利潤率上升而言，即今年利潤率的良好增長，您會將其中的多少——您會在營運變化的基礎上在有機基礎上獲得更好的收入預期？

I know we've spent a lot of time talking about the ASP, regarding the impact from FX there, but anything else you can allude to, relative to the operating margin drop down, how much of it has been within your control versus how much is market conditions would be great.

我知道我們花了很多時間討論平均售價以及外匯的影響，但如果您能提及其他任何與營業利潤率下降有關的事情，以及其中有多少是在您的控制範圍內，有多少是市場條件所致，那就太好了。

I think when you look at our margin expansion -- and like I said in the prepared remarks, that's still net -- so 70 basis points improvement in op margin from 2024 to 2025, with the known tariff impact that we would have now.

我認為，當你看到我們的利潤率擴張時——就像我在準備好的評論中所說的那樣，這仍然是淨利潤——從 2024 年到 2025 年，營業利潤率將提高 70 個基點，同時考慮到我們現在已知的關稅影響。

And where we're seeing the expansion and improvements is continuing to improve our manufacturing efficiencies with volume, with material savings, logistical savings; things that we talk about from an innovation standpoint: when we do touchless ClinCheck, a lot of less activity for us; as well as some of the new products that we have that are at good margins.

我們看到的擴張和改進是繼續提高我們的製造效率，包括產量的增加、材料和物流的節省；我們從創新的角度談論的事情：當我們進行非接觸式 ClinCheck 時，我們的活動會少很多；以及我們的一些利潤豐厚的新產品。

Some of them higher ASP like we talked about with MAOB and so on. So it's really a host of initiatives that we have. It's what we continue to do in the business.

其中一些的平均售價較高，就像我們討論過的 MAOB 等等。所以，我們確實有很多舉措。這正是我們在業務中持續做的事情。

And with this forecast, we're pleased to report that, as we know tariffs now, we can still get to our margin targets that we have because we're seeing productivity in other areas.

根據這項預測，我們很高興地報告，由於我們現在了解關稅，我們仍然可以達到我們的利潤目標，因為我們看到了其他領域的生產力。

Got it. Just one really quick last follow-up. Did you give the DSP number for the quarter? I apologize if I missed it in the slides or anywhere else.

知道了。只需最後進行非常快速的跟進。您提供了本季的 DSP 號碼嗎？如果我在幻燈片或其他任何地方錯過了它，我深感抱歉。

No. We did not give the DSP. But as we've said in our prepared remarks and what we see is -- this helps grow the low-stage part of our portfolio.

不。我們沒有提供 DSP。但正如我們在準備好的發言中所說的那樣，我們看到的是——這有助於增加我們投資組合中低階段部分。

It's rolling out in other areas. And we're pleased with the performance.

它正在其他地區推廣。我們對其表現非常滿意。

Jason Bednar, Piper Sandler.

傑森貝德納、派珀桑德勒。

I wanted to first start on two financing topics. We saw higher rates, credit denials were an issue over the past year or so. You've got a new preferred financing partner in HFD. Just curious if you're seeing that help resolve any of the challenges with consumers early on in that relationship?

我想先談兩個融資主題。我們看到利率上升，信貸拒絕是過去一年左右的問題。您在 HFD 有了新的優先融資合作夥伴。我只是好奇，您是否認為這有助於解決與消費者在關係初期遇到的任何挑戰？

And then on the provider side, John, I think you said that you attributed the rise in DSOs to expanding financing or better favorable terms to practices. I just want to understand what's going on there, if you could double-click, just -- to be blunt, it's a pretty big increase in DSOs for a policy you've had in place for multiple years. So just wondering what's changed just in the last few months that would materially shift that line higher?

然後從提供者方面來說，約翰，我想您說過，您將 DSO 的成長歸因於擴大融資或更優惠的實踐條件。我只是想了解那裡發生了什麼，如果你可以雙擊，只是 - 坦率地說，對於你已經實施多年的政策來說，DSO 的增長相當大。所以只是想知道在過去的幾個月裡發生了什麼變化，使得這條線實質地上升？

Yes. I think, really, you highlighted the components about how people pay, in general. So you have some patients that just paid directly, and they paid 100% of the cases that -- the treatment that they want.

是的。我認為，您確實強調了人們通常如何支付的要素。所以有些病人直接付款，他們支付了他們想要的治療費用的 100%。

So that happens in many markets. And that continues. Maybe, it's less of that because of some of the pressures that they might be facing.

這種情況在很多市場都會發生。這種情況還在繼續。或許，由於他們可能面臨的一些壓力，這種情況不會發生。

So the other two ways that HFD patients will pay is some will utilize some of the doctor financing. So they'll pay as you go through the doctor. That's where, really, it helps to have favorable terms with those doctors so that we can provide a little bit of a longer time for them to pay.

因此，HFD 患者支付的另外兩種方式是，有些會利用部分醫師融資。因此，他們會在您看醫生時付款。正是在這種情況下，與這些醫生達成優惠條件確實很有幫助，這樣我們就可以為他們提供更長的付款時間。

And we continue that effort so that those doctors can take a little bit more time to pay us back so that they can use their balance sheet or their working capital to help that patient financing that they'll provide.

我們會繼續努力，以便那些醫生可以花更多的時間來償還我們，這樣他們就可以使用他們的資產負債表或營運資金來幫助他們將提供的患者融資。

And then, the third way is external. And HFD is one of them. There's many different companies that provide this. But we're seeing a good combination of finding the right way to get to HFD, meeting the requirements that they have. Or others that are providing this and getting those potential patients into financing.

然後，第三種方式是外在的。而HFD就是其中之一。有許多不同的公司提供此項服務。但我們看到了一種很好的組合，即找到正確的方法來實現 HFD，滿足他們的要求。或其他提供此類服務並為潛在患者提供融資的機構。

So we're seeing a good combination of this. But we know that how much things cost and how much they have to pay over a monthly basis is important. And this is a good way to offset that.

所以我們看到了這方面的良好組合。但我們知道，物價是多少以及每月需要支付多少錢很重要。這是一種很好的抵消方法。

Okay. All right. Understood.

好的。好的。明白了。

And then, just maybe real quick on some of the tariff dynamics and not necessarily as it influences what you have to pay, but more so from a competitive standpoint, it seems like you might have some competitors that may get dislocated or may have -- may be facing higher costs, as they have to import, or reconfigure their supply chains.

然後，也許只是快速了解一些關稅動態，不一定會影響你必須支付的費用，但從競爭的角度來看，似乎你可能會有一些競爭對手陷入混亂或可能面臨更高的成本，因為他們必須進口或重新配置他們的供應鏈。

It seems like this is a good opportunity to lean in with your business. But I want to ask: are you seeing any dislocation with doctor customers? Is that happening where you're now, call it, relatively more favorable from a cost perspective than maybe what you were pre-tariffs?

這似乎是一個融入您的業務的好機會。但我想問一下：您是否看到醫師顧客出現任何錯位？從成本角度來看，現在的情況是否比關稅前更有利？

It's Joe. I'd say we haven't seen anything material, in that sense, that changed, so far. And I can't really speak of our -- most of our competitors' supply lines.

是喬。我想說，到目前為止，我們還沒有看到任何實質的改變。我真的無法談論我們的——大多數競爭對手的供應線。

It's a lot of intricacies in the sense of manufacturing, whatever. But, obviously, some of them are going to be very disadvantaged. We don't know to what extent.

無論如何，從製造意義上來說，這其中存在著許多複雜之處。但顯然，其中一些將處於非常不利的地位。我們不知道其程度如何。

But we just continue to operate in the marketplace, focus on what we can focus on; like I mentioned, our product capability, our digital platform, iTero Lumina, and just the efficiencies that we really can gain with doctors.

但我們只是繼續在市場上運營，專注於我們能夠專注於的事情；正如我所提到的，我們的產品能力、我們的數位平台 iTero Lumina，以及我們真正可以從醫生那裡獲得的效率。

So we'll let the tariffs take care of themselves. We'll see how that goes. But we really feel good about our position in it. And we'll continue to execute.

因此，我們將讓關稅自行解決。我們將看看事情進展如何。但我們確實對自己在其中的地位感到滿意。我們將繼續執行。

(Operator Instructions)

（操作員指示）

Steve Valiquette, Mizuho Securities.

瑞穗證券的史蒂夫‧瓦利奎特 (Steve Valiquette)。

So one of my questions was just answered, on the tariffs. I think I'll just hold off on that one.

因此，我關於關稅的一個問題剛剛得到了答案。我想我會暫時擱置這個。

But one of the things that you mentioned: you said that you assessed the potential impact of China's retaliatory tariffs and you believe you're able to mitigate the tariff exposure through adjustments in your supply chain.

但您提到的一件事是：您說您評估了中國報復性關稅的潛在影響，並且您相信能夠透過調整供應鏈來減輕關稅風險。

I guess my high-level thought was that if you're manufacturing in China for the Chinese market, you would essentially have zero impact from tariffs. But -- so I'm not sure if I'm reading too much into your wording there, but just hoping that you can provide a little more color on the dynamics on making adjustments to your supply chain?

我想我的高層次想法是，如果你在中國為中國市場製造產品，那麼關稅對你的影響基本上是零。但是——所以我不確定我是否過度解讀了你的措辭，但只是希望你能對調整供應鏈的動態提供更多的說明？

Yes. You're right, Steve. From a product movement between China and the US and vice versa, there's no movement across it.

是的。你說得對，史蒂夫。從中美之間以及中美之間的產品流動來看，雙方並無跨界流動。

There are some raw materials that -- for our China manufacturing location, there are some raw materials that come from US, as well as other places. That's the piece that we're adjusting, from a supply standpoint; so that it should not impact us, from a tariff standpoint.

對於我們中國的製造基地來說，有些原料來自美國以及其他地方。從供應的角度來看，這就是我們正在調整的部分；從關稅角度來看，這不會對我們造成影響。

(Operator Instructions)

（操作員指示）

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Thanks so much for the question.

非常感謝您的提問。

I see what you're saying about the 2Q guidance. And I understand what you've been saying in some of the math about the FX slip in things.

我明白您所說的有關第二季度指引的內容。我理解您所說的有關外匯下滑的一些數學問題。

You're talking about in the 2Q guidance, cases, volume being up sequentially. But, obviously, a lot of the 1Q results happened BT, before tariffs. Can you talk about the demand? Are you starting to see any impact on demand? Would you characterize the demand, since the tariff announcement, as broadly stable?

您談到了第二季度的指導、案例和交易量環比上升。但顯然，第一季的許多業績都是在關稅之前由英國電信公司取得的。能談談需求嗎？您是否開始看到對需求的任何影響？自關稅公告發布以來，您是否認為需求大致穩定？

Like, any color you could help provide on that would be helpful, just as people put through the puts-and-takes of the current macro choppiness. And then, I have a follow-up.

就像，您能提供的任何顏色都會有所幫助，就像人們經歷當前宏觀波動的起伏一樣。然後，我有一個後續問題。

Yes. Elizabeth, this is John.

是的。伊麗莎白，這是約翰。

Look, we were pleased with our volume and our performance in Q1, despite some of the choppiness that people allude to and so on.

儘管人們提到了一些波動等等，但我們對第一季的銷售和表現感到滿意。

When we look at how we're guiding and what we're using, it's the normal process that we go through to be able to come up with guidance. And we're showing that we expect that sequential improvement from Q1 to Q2.

當我們審視我們如何指導以及我們使用什麼時，這是我們能夠提出指導意見所經歷的正常過程。我們預計第一季至第二季將出現連續改善。

I think I would just remind everybody that it's a global business. There's a lot of different parts to our business and various products, as well, that I think sometimes gets a little bit lost.

我想我只是想提醒大家，這是一項全球性的事業。我們的業務和各種產品有很多不同的部分，我認為有時會有點迷失。

So I think if you look at the global breadth of our business, the strength that we saw in EMEA and APAC, and the stability that we saw in the Americas, there's always something about tariffs and some of the noise around that. But we're guiding for that increase in; and it's based on the data that we see.

因此，我認為，如果你看一下我們業務的全球範圍、我們在歐洲、中東和非洲地區以及亞太地區看到的實力以及我們在美洲看到的穩定性，就會發現關稅和圍繞關稅的一些噪音總是會造成影響。但我們正在引導這種成長；這是基於我們看到的數據。

Got it.

知道了。

And as a follow-up, obviously, you've launched the restorative iTero at IDS, you're at lead in the quarter. So I would assume that there's almost no benefit in the first quarter from that.

作為後續行動，顯然，您已經在 IDS 推出了修復性 iTero，並且在本季度處於領先地位。因此我認為第一季幾乎沒有任何好處。

Can you help us think through the uptake for that and how you expect that, based on prior launches, to come across as you launch the new products like with the Lumina ortho version last year?

您能否幫助我們思考一下這種技術的應用前景？根據先前的發布情況，您預計在推出新產品（例如去年推出的 Lumina ortho 版本）時，這種技術將會產生怎樣的影響？

The second version is a restorative scanner. Obviously, as you know, Elizabeth.

第二個版本是修復掃描器。顯然，正如你所知，伊麗莎白。

And so, it's broadening a GP segment that we're focused on, right now. Obviously, we'll deliver to our channels so it will deliver globally.

因此，它正在擴大我們目前關注的 GP 領域。顯然，我們會透過我們的管道進行交付，以便在全球範圍內進行交付。

We feel really good about some of the capability of that, from a storage standpoint. We're seeing images right now that -- most of these images will go to labs. It's a restorative procedure.

從儲存的角度來看，我們對它的某些功能感到非常滿意。我們現在看到的圖像——大多數圖像將送往實驗室。這是一個修復過程。

And we're pretty excited about the degree of detail and specificity that Lumina has because of its multi-projection type of a system.

由於 Lumina 是一種多投影類型的系統，我們對它的細節和特殊性程度感到非常興奮。

So I can't tell you what the exact growth is going to be. I can tell you we'll take it to the marketplace. We'll take it from the lab side and the GP side.

所以我無法告訴你具體的成長幅度是多少。我可以告訴你我們會把它帶到市場。我們將從實驗室和 GP 兩個方面來獲取它。

And we feel really good about our competitive positioning. Much stronger, we feel, in the restorative way than some of our scanners in the past. I hope that helps.

我們對自己的競爭定位感到非常滿意。我們感覺，它的修復能力比過去的一些掃描器強得多。我希望這能有所幫助。

(Operator Instructions)

（操作員指示）

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

I'll ask them both upfront, here. On teen, any metrics that you have on the actual conversion rates of Invisalign First and Palate Expander and how you're seeing that translate into growth there? I know it was asked earlier at a more higher level but curious if we are hitting that inflection point and what some of those metrics may be? And maybe it's just too early.

我會在這裡預先詢問他們兩個。對於青少年，您對 Invisalign First 和 Palate Expander 的實際轉換率有何衡量指標？您如何看待這些指標轉化為成長？我知道之前有人在更高層面上問過這個問題，但我很好奇我們是否達到了那個拐點，以及其中一些指標可能是什麼？或許現在還為時過早。

And then, the second question I have is just on direct fab and your latest thoughts on contributions, where you're at with the initiative and how that should progress? And, maybe, we wait for Investor Day on that -- but the potential contributions there?

然後，我的第二個問題是關於直接製造和您對貢獻的最新想法，您對這項計劃的進展如何以及它應該如何進展？也許，我們會等待投資者日——但那裡有潛在的貢獻嗎？

First of all, from a teen conversion standpoint, I wouldn't say we're hitting critical mass or something like that. But what you see is in that preteen or kids stage, we do have a very strong portfolio in that Phase I area that orthodontists talk about.

首先，從青少年轉變的角度來看，我不會說我們已經達到了臨界點或類似的東西。但你看到的是，在青春期前或兒童階段，我們在牙齒矯正醫師談論的第一階段領域確實擁有非常強大的產品組合。

Obviously, they're excited about it because there's a group of products that are much simpler, from a patient standpoint, a lot less painstaking, I'd say, than before. And so, we see, really all over the world, a good uptake and interest in those product lines, as we expected.

顯然，他們對此感到興奮，因為從患者的角度來看，有一組產品比以前簡單得多，我想說，也省力得多。因此，正如我們預期的那樣，我們看到世界各地對這些產品線的接受度和興趣都很高。

And I'd say that includes Mandibular Advancement, also. So it will take time for that penetration piece. There's nothing about this market that moves really quickly, in the sense it's an individual doctor's office, piece by piece, all over the world.

我想說這也包括下顎前移。因此，滲透工作需要時間。這個市場沒有什麼真正快速發展的東西，從某種意義上說，它就像一個獨立的醫生辦公室，一點一點地遍布世界各地。

But we certainly feel really good with the momentum of those three products, in general, in kids. Overall, from a -- when I look around a world right now, I just think from a -- we have good momentum, like I mentioned before, in every region that we've had.

但總體而言，我們對這三種產品在兒童市場的發展動能感到非常滿意。總體而言，從——當我環顧當今世界時，我認為從——我們在每個地區都擁有良好的發展勢頭，就像我之前提到的那樣。

We haven't seen this since 2021. The teen growth, overall, being double digits is terrific. So the penetration rate is improving.

自 2021 年以來我們還沒有見過這種情況。總體而言，青少年的成長速度達到兩位數，這真是太棒了。因此滲透率正在提高。

But I think we have to take this thing quarter to quarter and report to you on it. I hope that helps.

但我認為我們必須逐季度地處理此事並向您報告。我希望這能有所幫助。

(Operator Instructions)

（操作員指示）

Mike Ryskin, Bank of America.

美國銀行的邁克·里斯金（Mike Ryskin）。

Appreciate you squeezing me in.

感謝您邀請我加入。

A couple of small ones, just following up on prior points people brought up. So I'll shoot them, real quick.

有幾個小問題，只是跟進人們之前提出的觀點。所以我會很快射擊它們。

You talked about tariffs, you talked about China. I want to talk about the indirect impact of tariffs, the trade war. There's a lot of thoughts of, maybe, indirectly, China will try to punish American companies by pushing people towards local brands even more -- the question: How much they can really do that?

你談到了關稅，你談到了中國。我想談談關稅和貿易戰的間接影響。很多人認為，中國可能會間接地試圖透過鼓勵人們更多地購買本土品牌來懲罰美國公司——問題是：他們究竟能做到多少？

But just from that perspective, are you seeing anything? Obviously, you've got a local competitor there. So just thoughts on that? And what have you assumed for rest of the year, if that trade war continues to escalate?

但僅從這個角度來看，你看到了什麼嗎？顯然，你在那裡有一個本地競爭對手。那麼只是對此有想法嗎？如果貿易戰持續升級，您對今年剩餘時間的情況有何預測？

Yes. Mike, based on what we saw in the first quarter, obviously, we're looking for that -- is there's some kind of consumer backlash. We haven't really experienced that at all.

是的。麥克，根據我們在第一季看到的情況，顯然，我們正在尋找某種消費者的強烈反對。我們其實根本沒有經歷過這樣的事情。

We had a good quarter in China across the board. And so as far as where we stand today, we haven't seen that kind of an issue.

本季度，我們在中國市場的整體表現良好。就我們目前的情況而言，我們還沒有看到這種問題。

And again, I think we're -- we're an in-China-for-China type of company there, too. And then, obviously, we're a Western company but we don't deliver from a Western sense. We deliver within that country, the technology, the manufacturing, the treatment planning, and all those things.

而且，我認為我們也是一家在中國為中國市場服務的公司。顯然，我們是一家西方公司，但我們提供的服務並不符合西方人的觀念。我們在該國提供技術、製造、治療計劃以及所有這些服務。

And so, it's very local in the sense of how we operate there.

因此，從我們在那裡的運作方式來看，它是非常本地化的。

Okay. Great.

好的。偉大的。

And then, you talked about FX on revenues in ASP. What about on margins? It's just a pretty big swing, in terms of how rates have gone. Is there any impact on margins?

然後，您談到了外匯對 ASP 收入的影響。那麼邊緣情況如何？就利率走勢而言，這是一個相當大的波動。對利潤有影響嗎？

I see that you're keeping your full year op non-GAAP up in the same. So just anything we should keep in mind, in terms of how that flows through the P&L?

我發現您保持了全年非公認會計準則營運水準不變。那麼，就其在損益表中的流動情況而言，我們應該記住什麼嗎？

Yes. With the favorable FX, there's a slight improvement in our op margin, as a result of that. But we have that, as well as being able to offset some of the tariffs and so on.

是的。由於外匯情況有利，我們的營業利潤率略有提高。但我們有這個能力，並且能夠抵消部分關稅等等。

So that's the components that show up in op margin. But we're pleased with the start of the year, in terms of our op margin.

這就是在操作邊距中顯示的元件。但就我們的營業利潤率而言，我們對今年的開局感到滿意。

We're guiding to sequential improvement into the second quarter. And if FX rates stay stable as they are now, we will end up with a good accretive op margin for 2025.

我們預計第二季將持續改善。如果外匯匯率維持現在的穩定，到 2025 年，我們將獲得良好的加值營業利潤率。

Okay. And then, a quick one, if I could squeeze in a third, just a technical question.

好的。然後，如果我可以插入第三個問題，那麼快速問一個技術問題。

Some of the disclosures, you mentioned you're not giving DSP anymore. It looks like -- unless I'm missing it, you're not giving Americas versus international Clear Aligner net revenues. Is it just the new disclosure, going forward? Is that something we'll find in the 10-Q? Or just what's the rationale behind that?

在一些披露中，您提到您不再提供 DSP。看起來——除非我沒注意到，否則您沒有提供美洲與國際 Clear Aligner 的淨收入。這僅僅是新的披露嗎？我們會在 10-Q 中找到它嗎？或者這背後的理由是什麼？

We're always looking to simplify and provide information. We get a lot of feedback that we provide so much information and it gets a bit confusing, as to what's really driving things.

我們始終致力於簡化並提供資訊。我們收到很多回饋，說我們提供的資訊太多，讓人有點困惑，不知道真正推動事情發展的是什麼。

So we try to give the best information that helps you and others be able to understand and analyze the business.

因此，我們盡力提供最好的信息，幫助您和其他人了解和分析業務。

And we look to make changes that make the most sense to help provide more clarity to the business.

我們希望做出最合理的改變，以幫助提高業務的清晰度。

(Operator Instructions)

（操作員指示）

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

Thanks for getting me in. I appreciate it.

謝謝你讓我加入。我很感激。

I want to go back to the ASP question. It was down 8%. 3% FX, I think, is how to think about it, which would imply that, between discounting and mix, it was down 5%, right? And I don't think that any of your expectations, going forward, that ASPs are going to decline 5% to perpetuity.

我想回到 ASP 問題。下降了8%。我認為，3% 的外匯就是這樣考慮的，這意味著在折扣和混合之間，它下降了 5%，對嗎？我認為，您未來的任何預期都不會是平均售價 (ASP) 會永久下降 5%。

So what gets better, in your minds, between either customer mix or product mix or discounting programs? Or are you anticipating -- and I don't know that I've contemplated this until, right now -- but is there -- it used to be every July, there would be price increases. Are you thinking that you have the ability to do that, broadly speaking? And that helps.

那麼，在您看來，客戶組合、產品組合或折扣計劃之間哪個會更好？或者您是否預期——我不知道我是否直到現在才考慮過這個問題——但是是的——以前每年七月都會漲價。從廣義上講，您是否認為自己有能力做到這一點？這很有幫助。

And I guess it's a short-term question. But it's also a long-term question, when we think about the ASPs. Because if we're going to get back to the kind of growth that we think the business can do it, we don't want ASP to be a huge overhang in that on the Clear Aligner side.

我想這是一個短期問題。但當我們考慮 ASP 時，這也是一個長期問題。因為如果我們要恢復到我們認為業務可以實現的那種成長，我們不希望 ASP 成為 Clear Aligner 方面的巨大障礙。

Yeah. I think you have to look at it -- when you think about it, Kevin -- where we're growing. Certain countries grow faster. They're just at a lower-list price product -- that they have there -- or some of the product growth that we have is lower.

是的。我認為你必須看看——當你思考這個問題時，凱文——我們正在成長到哪裡。某些國家成長更快。他們只是以較低的價格提供產品 - 或者我們的某些產品增長較低。

And we certainly saw some of the shift where we, starting this year, have introduced DSP in several markets and other new products with IPE and some of the other clubs that we've had, whereas we didn't have those in the past.

我們確實看到了一些轉變，從今年開始，我們在多個市場推出了 DSP，並與 IPE 和我們已有的其他一些俱樂部推出了其他新產品，而這些是我們過去所沒有的。

So I think some of it is just the products and the locations that impacts the mix.

所以我認為部分原因只是產品和位置影響了組合。

And then, you see as doctors, we sell to more and more doctors; record number of first quarter doctors that we sell to. Many of these doctors that come in are just -- they're at an ASP product, a list price that are, maybe, not the comprehensive, they're lower-list price type products.

然後，你會看到，作為醫生，我們向越來越多的醫生銷售產品；我們第一季銷售產品的醫生數量創下了紀錄。許多來這裡的醫生只是——他們使用的是 ASP 產品，標價可能不是綜合性的，而是低價類型的產品。

But that's the expectation that you have. We have things that we can be able to mitigate, with some of the new products we have; some of the additional pricing, like we have on MAOB and others to be able to get us to that stability in ASP.

但這就是你的期望。利用我們的一些新產品，我們可以緩解一些問題；一些額外的定價，例如我們對 MAOB 和其他產品的定價，能夠讓我們實現 ASP 的穩定性。

And then, of course, as you work your way down the P&L, we're very mindful of making sure that gross margin is accretive and being able to drive the gross margin and ultimately, to op margin. And that's what we look at, as we work our way down the P&L.

然後，當然，當你沿著損益表往下看時，我們會非常注意確保毛利率能夠增加，並且能夠推動毛利率，最終達到營業利潤率。這就是我們在研究損益表時所關注的。

Thank you.

謝謝。

I'm not showing any further questions in the queue.

我不會在隊列中顯示任何其他問題。

I would now like to turn the call back over to Shirley for closing remarks.

現在我想將電話轉回給雪莉，請她做最後發言。

Thank you. Thank you, everyone, for joining us today.

謝謝。感謝大家今天加入我們。

As a reminder, we are hosting an Investor Day meeting next Tuesday, May 6, in New York City. If you would like more information about that or to register, you visit our website, aligntech.com, or you can contact Investor Relations.

提醒一下，我們將於下週二（5 月 6 日）在紐約市舉辦投資者日會議。如果您想了解更多資訊或註冊，請造訪我們的網站 aligntech.com，或聯絡投資者關係部。

If you have any other questions, we look forward to hearing from you.

如果您有任何其他問題，我們期待您的回覆。

Thanks. Have a great day.

謝謝。祝你有美好的一天。

Thank you for your participation in today's conference.

感謝大家參加今天的會議。

This does conclude the program.

該計劃確實就此結束。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a great day.

祝大家有個愉快的一天。